Terraform Labs faces a “big hill to climb” as the progress of its various projects in development are constantly being impeded by frequent accusations, according to Terra’s new interim CEO Chris Amani.
During a July 20 Twitter Spaces, titled A Terra Community Talk, Amani joined several Terra employees to discuss the challenges ahead for Terra moving forward. This took place shortly after Amani was appointed as Terra’s new CEO, while the former CEO, Do Kwon, continues to battle legal issues.
— Terra Powered by LUNA (@terra_money) July 20, 2023
He noted that the frequent allegations against Do Kwon, who is currently in a jail cell in Montenegro and facing possible extradition to South Korea or the United States, has shattered any momentum that Terra has been building recently.
“Everytime we would make a little progress there would be some accusation or something that would derail us”.
Cointelegraph reported on June 19 that Kwon was found guilty of attempting to leave Montenegro using a false Costa Rican passport. He was sentenced to four months in prison despite reportedly telling the court that he wasn’t aware the passport was allegedly forged.
Amani further stated that Terra has “maybe 9” different projects at various levels of development to be released over the coming months.
It was noted that no new tokens will be launched with any of these new developments, as it will be focusing on “driving utility” back to its native token, Luna (LUNA).
Amani believes that it is going to be a “big hill to climb,” but stated it is not a unique situation within the cryptocurrency industry.
“This is not going to be easy rebuilding; I mean nothing is easy in crypto right now” he said.
He explained that the shortage of liquidity is due to a lot of DeFi applications having to compete with risk free rate of returns that are “fairly compelling right now.”
He further acknowledged that Terra currently faces difficulty competing with other layer one blockchain projects, as it “doesn’t even have a treasury of Luna.”
“Despite the lack of activity in crypto, despite the bear market, it’s still incredibly competitive from a layer one perspective. There are still teams with very big treasuries that can pay developers a lot of money to come build on their blockchain.”
However, he claims that most employees have stood by the company, despite the struggles faced by the company.
“We have been able to hold a large portion of the team that was here before the depeg” he stated.
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Labour will eliminate unauthorised sewage spillages in 10 years, the environment secretary has told Sky News.
Steve Reed also pledged to halve sewage pollution from water companies by 2030 as he announced £104 billion of private investment to help the government do that.
“Over a decade of national renewal, we’ll be able to eliminate unauthorised sewage spillages,” he said.
“But you have to have staging posts along the way, cutting it in half in five years is a dramatic improvement to the problem getting worse and worse and worse every single year.”
He said the water sector is “absolutely broken” and promised to rebuild it and reform it from “top to bottom”.
His earlier pledge to halve sewage pollution from water companies by 2030 is linked to 2024 levels.
The government said it is the first time ministers have set a clear target to reduce sewage pollution and is part of its efforts to respond to record sewage spills and rising water bills.
Ministers are also aiming to cut phosphorus – which causes harmful algae blooms – in half by 2028.
Image: Environment Secretary Steve Reed. File pic: PA
Mr Reed said families had watched rivers, coastlines and lakes “suffer from record levels of pollution”.
“My pledge to you: the government will halve sewage pollution from water companies by the end of the decade,” he added.
Addressing suggestions wealthier families would be charged more for their water, Mr Reed said there are already “social tariffs” and he does not think more needs to be done, as he pointed out there is help for those struggling to pay water bills.
The announcement comes ahead of the publication of the Independent Water Commission’s landmark review into the sector on Monday morning.
The commission was established by the UK and Welsh governments as part of their joint response to failures in the industry, but ministers have already said they’ll stop short of nationalising water companies.
Mr Reed said he is eagerly awaiting the report’s publication and said he would wait to see what author Sir John Cunliffe says about Ofwat, the water regulator, following suggestions the government is considering scrapping it.
On Friday, the Environment Agency published data which showed serious pollution incidents caused by water firms increased by 60% in England last year, compared with 2023.
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Why sewage outflows are discharging into rivers
Meanwhile, the watchdog has received a record £189m to support hundreds of enforcement officers for inspections and prosecutions.
“One of the largest infrastructure projects in England’s history will clean up our rivers, lakes and seas for good,” Mr Reed said.
But the Conservatives have accused the Labour government of having so far “simply copied previous Conservative government policy”.
“Labour’s water plans must also include credible proposals to improve the water system’s resilience to droughts, without placing an additional burden on bill payers and taxpayers,” shadow environment secretary Victoria Atkins added.
The Rivers Trust says sewage and wastewater discharges have taken place over the weekend, amid thunderstorms in parts of the UK.
Discharges take place to prevent the system from becoming overwhelmed, with storm overflows used to release extra wastewater and rainwater into rivers and seas.
Water company Southern Water said storm releases are part of the way sewage and drainage systems across the world protect homes, schools and hospitals from flooding.